Marvin Moving has begun to prepare his 2021 tax return and has already computed the following amounts correctly:

Income from Employment Income from Business Income from Property (rental & interest)

$45,000 24,250 3,500

Marvin moved from Cornwall to Ottawa during the year to take a new job with a software developer. Marvin cancelled his lease on this condo in Cornwall and was charged a $1,200 penalty. Marvin purchased a new condo in Ottawa. Marvins employer did not offer to pay for any moving expenses and, being a new employee, Marvin was too shy to ask.

The full amount of the employment income listed above relates to the new job, and his moving expenses were recorded as:

AAA Moving Company $1,800 Gas (driving from Cornwall to Ottawa 103 km) 60 Meals (lunch on the way from Cornwall to Ottawa) 15 Hotel in Ottawa 3 nights so Marvin could paint his new condo. 600 Land Transfer Tax for his new condominium in Ottawa 4,580

Not wanting to move items he no longer was using, Marvin sold a number of his personal items. He provides you with the following information about those:

Asset Cost Artwork $ 400 Computer $2,900 WWII Coin Collection $1,400 1968 Dodge Charger (car) $8,000

Proceeds Received $ 2,300

$ 1,000 $ 800 $13,560

Besides the moving expenses, Marvin tells you that he has the following carry-forward balances from recent taxation years:

Net capital loss Non-capital loss LPP loss

$12,000 $15,000 $ 2,000

Required: Assuming Marvin wants to minimize his taxes payable, calculate his net income for tax purposes and his taxable income for 2021. Also, tell Marvin if he has any loss carry- forwards after this year and what types of income they can be applied to.